Recognizing Your Most Profitable Notary Clients To Take Your … library/nna... · Recognizing Your...
Transcript of Recognizing Your Most Profitable Notary Clients To Take Your … library/nna... · Recognizing Your...
Recognizing Your Most Profitable Notary Clients To Take Your Business To The Next Level
Presenter: Laura J BiewerNNA Seminar InstructorOwner At Your Service Mobile Notary
Recognizing Your Most Profitable Clients
Why do we need NSAs?
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Recognizing Your Most Profitable Clients
The Problem with Loan Signings
As late as 1990’s: Loan Signings took place during business hours at
the title company only Appointments may have required multiple visits for
application/disclosures, then final documents Documents signed outside of the office may not be
trusted by lender that the intended person signed
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Recognizing Your Most Profitable Clients
The Answer: Notary Signing Agents
We transformed the signing ceremony byMaking it convenient; When and where the signer needs itProviding easy navigation processCertifying the intended person(s) executed the documents,
outside of the office ensuring acceptability for Lender
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e next levelRecognizing Your Most Profitable Clients
New Problem: Lots of new NSAs with:
Varying skill level Inconsistent standards across the U.S. Limited business skills
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Recognizing Your Most Profitable Clients
New Answer
• Establish standards that are utilized across US• Background screening
• Training
• Testing
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Recognizing Your Most Profitable Clients
• Still Needed: Reinvention of NSAs into Savvy Business Entrepreneurs
Identify and work with ideal clients
Understand, establish and increase revenue
Reduce unbillable workload
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Recognizing Your Most Profitable Clients
4- step plan– Evaluate
• Current business– Redefine
• What you want – Redesign
• Develop Plan– Implement
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Recognizing Your Most Profitable Clients
• Evaluate: – Are you making a profit or just busy
completing signings?• Current lines of business• Client assessment
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Recognizing Your Most Profitable Clients
• Example NSA– Revenue Sources
– NSA: Loan signings, Loan Applications– GNW: Debt Consolidation, Structured Settlements
– Clients– Registry Work 80-90%
– CostsUp to 80% of job
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Recognizing Your Most Profitable Clients
What is not working?• Payment issues:
– Pay too low-No ROI
– Takes too long to get it
– Requires monthly summary to bill
– Some never pay, or bad check
– Sometimes shorted
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Recognizing Your Most Profitable Clients
What is not working?• Assignment issues:
– Quoted work doesn’t match real job
– Requires extra services w/o pay
– Documents come too late to vet/prep properly
– Feast or Famine
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Recognizing Your Most Profitable Clients
What is not working?• Client issues
– Client (SS) expects miracle to meet ship deadline
– Signers not prepared for the appointment
– Too many rules and they are different depending on client/job
– No after-hours support
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Recognizing Your Most Profitable Clients
What would be ideal?Payment
– Commensurate to job
– Reasonable timeframe
– As promised
– Potential for upfront payment
– Includes all services provided
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Recognizing Your Most Profitable Clients
What would be ideal?
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Contracting co. who understands what we need to be successful
– Prepared signers – Prep/Vet time – Contact person even after hours– Client knows ME– Relationship/Loyalty
Recognizing Your Most Profitable Clients
• Redefine– Who do you want to work for?
• Ideal clients– What kinds of other assignments can I handle?
• More variety of Notary work: specialties• Compatible jobs
– Ideal profit • Direct Cost + Overhead + Time (taxes)
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Recognizing Your Most Profitable Clients
“Doing more is tempting. What actually makes us successful is the act of making choices, prioritizing and
executing.”
Dorie Clark
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Recognizing Your Most Profitable Clients
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IM IN CHARGE MOBILE NOTARY
SS Name Type PriceInvoice Sent Invoice paid
Payment issue
fax/scan
knows me Support comments
ABC SS refi 1251/5/201
71/20/20
17 15.00 none no yes yes smooth
XYZ SS refi 1251/9/201
71/19/20
17 10.00 none no yes yes ASAP
123 settle4less debt settle 1001/10/20
173/17/20
17 67.00slow pay s/b 30 yes n yes chase payment
watch list
Usignit sellers 651/15/20
175/1/201
7 105.00demand letter no n n chase payment
docs4U refi 951/15/20
172/15/20
17 30.00 none yes no nlate/same day ship
ABC refi 1251/17/20
171/31/20
17 14.00 none no yes yes 1 signer
ABC sellers 851/18/20
172/25/20
17 7.00 none no yes yes4 notary x 2 signers
added $15
docs4U purchase 1001/21/20
171/31/20
17 10.00 none yes n nmoved to out of town no adj.
Usignit refi 951/25/20
173/15/20
17 50.00 none yes n nsurprise 3rd signer no adj.
WetrustU Trust 1501/31/20
172/15/20
17 15.00 none no yes yes trust 2 signers1065 15 323.00
goal 115 108 30 days max 33.00eliminate Usignit 920 168.00
new avg 115 21 days
Recognizing Your Most Profitable Clients
• Profit– Pay you first!
• Hourly rate• Taxes• SEP
• Fair Rate?Determine what you need to make a profitbut be competitive.
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Recognizing Your Most Profitable Clients
• Assignment Mix
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I'm In Charge Mobile NotaryAssignment Mix
Notary workNSA
refipurchasereversesellersapplications
Debt ConsolidationStructured SettlementGNW Public POAs Misc DMV
Business HOAs Medical Legal Office
Trusts pubic Direct Legal Plans
facility jail hospital LTC Assisted Rehab
adoptions international Domestic
Expertise of Notaryseminar facilitator notary ed
coaching/consulting private
Compatable JobsVirtual AssistantICUberProctoringtranslatorlegal document assistantprocess servicefield inspectorWeddingsLivescan
Recognizing Your Most Profitable Clients
• Redesign– Establish Pricing Policy
– Credit Policy
– Just say “NO” List• White Glove Test
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• Redesign– Identify current desirable clients from list
– Identify potential ones
– Add other potential profitable lines of revenue
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Recognizing Your Most Profitable Clients
• Redesign– Investment/Research
• Skill development, training, seminar/conference, reading, hardware/tools
– Prioritize• Money investment• Client disposition• Job changes• Stats to monitor
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Recognizing Your Most Profitable Clients
• Implement– Prune undesirable clients– Engage/Encourage new lines of business– Initiate tracking mechanism– Review
• Measure progress
– Adjust• Measure again
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Case Study2013• Mix: Loan Signings, Applications 75%• limited GNW 20%• Other Specialty 5%• Other Activities 0%• Aging: 30-60+ days• Number of Clients: 40
Registry work: 80%
Direct work 20%
• Non payment: 2-3 /yr• Revenue flat for 5 years
2016• Mix: Loan Signings of all varieties 20%• GN Work (1 offs) 35%• Specialty (Trusts/Jail/Hospitals) 30%• Other Activities: Consulting, Speaking• writing, coaching, speaking 15%
Aging 14-21 days• Number of clients 18
Registry work 15%
Direct Work 85%
Non Payment : 0
Revenue increase F2016 15%Revenue increaseF2017 Q1 15%
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Recognizing Your Most Profitable Clients
• Wrap up– Honestly evaluate your current business in terms of:
– Real profit– Quality of client base– Versatility of leveraging your commission
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Recognizing Your Most Profitable Clients
• Wrap up– Commit to reasonable time frame and budget
• Do the research, make a budget• Invest in your business and yourself• Just say no to unprofitable business
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Recognizing Your Most Profitable Clients
• Wrap up– Push past the fear of losing work
• Make room for new, more profitable business• Announce your fee first, make them negotiate with you• Prune those clients that are slow or no pay creating non
billable hours• Remember your mantra: you don’t take unprofitable jobs!
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Recognizing Your Most Profitable Clients
• Q&A– Contact Laura
• Website: AtYourServiceMobileNotary.com• Email: [email protected]• Text/Call: 209-606-4938• Facebook: facebook.com/AtYourServiceMobileNotary
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